XML 41 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Cash flow from operating activities:      
Net income (loss) $ 4,313 $ (430) $ (7,996)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:      
Amortization of investment premium discount, net 1,356 1,249 1,039
Depreciation and amortization of property plant and equipment, net 195 168 221
Net realized investment gains (1,072) (2,725) (6,777)
Non-cash impairment recognition (44) 0 0
(Recovery) provision for credit losses, net (12) 18 23
Provision (recovery) for uncollectible premiums receivable 5 (5) (44)
Non-cash compensation 188 196 319
Changes in operating assets and liabilities:      
Premiums receivable (2,412) 29 4,716
Prepaid reinsurance premiums 1,293 2,076 (96)
Reinsurance recoverable, net (1,415) 5,951 7,264
Income taxes recoverable (39) 2,393 4,676
Deferred income tax expense, net of other comprehensive income (loss) 2,350 (912) (2,332)
Policy acquisition costs, net of amortization (761) 161 388
Other assets (552) (308) 837
Unpaid losses and LAE (10,075) (6,547) (4,081)
Unearned premiums 11,074 797 (3,721)
Premium deposits and customer credit balances (347) 441 234
Income taxes payable (77) 77 0
Bank overdraft (1,942) 498 (821)
Accounts payable and accrued expenses (486) 956 (440)
Net cash provided (used) by operating activities 1,540 4,083 (6,591)
Cash flow provided (used) by investing activities:      
Proceeds from sale of investment securities 90,449 108,318 149,025
Purchases of investment securities available for sale (86,203) (113,251) (153,969)
Purchases of property and equipment 83 (243) (130)
Net cash provided (used) by investing activities 4,329 (5,176) (5,074)
Cash flow provided (used) by financing activities:      
Exercised stock options 128 0 0
Dividends paid (159) 0 (477)
Tax benefit related to non-cash compensation 100 92 151
Net cash provided (used) by financing activities 69 92 (326)
Net increase (decrease) in cash and short term investments 5,938 (1,001) (11,991)
Cash and short term investments at beginning of period 15,205 16,206 28,197
Cash and short term investments at end of period 21,143 15,205 16,206
Cash paid during the period for:      
Income taxes 165 0 0
Non-cash investing and finance activities:      
Accrued dividends payable $ 159 $ 0 $ 0